USCAX vs. RYOTX

Last updated Apr 2, 2026

Compare and contrast key facts about USAA Small Cap Stock Fund (USCAX) and Royce Micro Cap Series Fund (RYOTX).

USCAX is managed by Victory. It was launched on Aug 2, 1999. RYOTX is managed by Royce Investment Partners. It was launched on Dec 31, 1991.

Performance

USCAX vs. RYOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Small Cap Stock Fund (USCAX) and Royce Micro Cap Series Fund (RYOTX). The values are adjusted to include any dividend payments, if applicable.

USCAX vs. RYOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCAX USAA Small Cap Stock Fund	0.97%	9.15%	5.34%	17.35%	-19.99%	17.08%	22.22%	29.04%	-9.97%	10.10%
RYOTX Royce Micro Cap Series Fund	9.23%	13.51%	13.24%	19.51%	-22.66%	30.36%	24.56%	21.19%	-9.09%	5.29%

Returns By Period

In the year-to-date period, USCAX achieves a 0.97% return, which is significantly lower than RYOTX's 9.23% return. Over the past 10 years, USCAX has underperformed RYOTX with an annualized return of 8.93%, while RYOTX has yielded a comparatively higher 11.46% annualized return.

USCAX

• 1D: 3.11%
• 1M: -5.56%
• YTD: 0.97%
• 6M: 3.40%
• 1Y: 21.41%
• 3Y*: 9.49%
• 5Y*: 1.94%
• 10Y*: 8.93%

RYOTX

• 1D: 2.99%
• 1M: -7.15%
• YTD: 9.23%
• 6M: 10.78%
• 1Y: 45.50%
• 3Y*: 17.84%
• 5Y*: 7.08%
• 10Y*: 11.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USCAX vs. RYOTX - Expense Ratio Comparison

USCAX has a 1.10% expense ratio, which is lower than RYOTX's 1.20% expense ratio.

RYOTX

Royce Micro Cap Series Fund

USCAX

USAA Small Cap Stock Fund

Return for Risk

USCAX vs. RYOTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USCAX

USCAX Risk / Return Rank: 49
USCAX Sharpe Ratio Rank: 43
USCAX Sortino Ratio Rank: 48
USCAX Omega Ratio Rank: 40
USCAX Calmar Ratio Rank: 58
USCAX Martin Ratio Rank: 58

RYOTX

RYOTX Risk / Return Rank: 86
RYOTX Sharpe Ratio Rank: 85
RYOTX Sortino Ratio Rank: 85
RYOTX Omega Ratio Rank: 75
RYOTX Calmar Ratio Rank: 94
RYOTX Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USCAX vs. RYOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Small Cap Stock Fund (USCAX) and Royce Micro Cap Series Fund (RYOTX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	USCAX	RYOTX	Difference
Sharpe ratio Return per unit of total volatility	0.96	1.73	-0.77
Sortino ratio Return per unit of downside risk	1.48	2.37	-0.89
Omega ratio Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio Return relative to maximum drawdown	1.51	3.26	-1.75
Martin ratio Return relative to average drawdown	6.06	11.42	-5.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCAX vs. RYOTX - Sharpe Ratio Comparison

The current USCAX Sharpe Ratio is 0.96, which is lower than the RYOTX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of USCAX and RYOTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USCAX	RYOTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.73	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.30	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.50	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.59	-0.28

Correlation

The correlation between USCAX and RYOTX is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

USCAX vs. RYOTX - Dividend Comparison

USCAX's dividend yield for the trailing twelve months is around 7.46%, less than RYOTX's 13.68% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USCAX USAA Small Cap Stock Fund	7.46%	7.53%	6.00%	0.18%	6.19%	43.14%	8.50%	9.92%	13.94%	11.05%	1.24%	9.23%
RYOTX Royce Micro Cap Series Fund	13.68%	14.94%	12.20%	6.97%	5.10%	23.10%	7.40%	2.72%	13.95%	7.76%	11.41%	12.99%

Drawdowns

USCAX vs. RYOTX - Drawdown Comparison

The maximum USCAX drawdown since its inception was -60.17%, which is greater than RYOTX's maximum drawdown of -56.86%. Use the drawdown chart below to compare losses from any high point for USCAX and RYOTX.

Drawdown Indicators

	USCAX	RYOTX	Difference
Max Drawdown Largest peak-to-trough decline	-60.17%	-56.86%	-3.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-13.59%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-47.97%	-35.84%	-12.13%
Max Drawdown (10Y) Largest decline over 10 years	-47.97%	-44.87%	-3.10%
Current Drawdown Current decline from peak	-22.86%	-7.15%	-15.71%
Average Drawdown Average peak-to-trough decline	-18.75%	-9.47%	-9.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	3.88%	-0.36%

Volatility

USCAX vs. RYOTX - Volatility Comparison

The current volatility for USAA Small Cap Stock Fund (USCAX) is 6.75%, while Royce Micro Cap Series Fund (RYOTX) has a volatility of 9.07%. This indicates that USCAX experiences smaller price fluctuations and is considered to be less risky than RYOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCAX	RYOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	9.07%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	17.62%	-4.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	26.53%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.23%	23.39%	+9.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.84%	23.03%	+5.81%